CuretisRetains H.C. Wainwright& Co. as Strategic Advisor-Investment bank supportsCuretis in assessment of all strategic and tactical financing options -Publication ofH1-2019 financials postponed to September18,2019-Key financials show EUR 7.8 million cash as of June30, 2019and significantly reduced cash burn in H1-2019 Elements of this announcement contain or may contain inside information within the meaning of Article 7(1) of the Market Abuse Regulation.Amsterdam, the Netherlands, and Holzgerlingen, Germany, August 12,2019, 08:00 am CET-Curetis N.V. (the "Company" and, together with its subsidiaries, "Curetis"), a developer of next-level molecular diagnostic solutions, today announced that it has retained the U.S. based investment bank,H.C. Wainwright & Co., LLC,as strategic advisor in an effort to assess all available strategic and tactical options going forward to potentially secure appropriate funding and cash for continued operations for at least the nexttwelve months. Potential strategic options that may be explored or evaluated as part of H.C.Wainwright’smandate may include, but are not limited to,equity funding, an acquisition, merger, business combination or other strategic transaction involving Curetis.
There is no definitive timeline for completion of the assessment process and there can beno assurance that the assessmentwouldactually result in Curetispursuing any transaction at all or that a transaction,if it were pursued,could be completed successfully. Curetisdoes not intend to discuss or disclose further developments regarding the strategic assessmentprocess unless and until its supervisory board and its management board haveapproved a specific course of action or otherwise determined that further disclosure is appropriate or required by applicable laws or regulations.
As part of its ordinary course of business and regularinvestor relations efforts,the Company will be present at the 21stAnnual H.C. Wainwright Global Life Sciences Conferenceto be held in New York, NY, USA, on September8-10, 2019.In the context of the ongoing strategic assessment, the Company also announced that it will reschedule the publication of its 2019 First Half-Year Business and Financial Update and H1-2019 Earnings Call from its originalfinancial calendar date on August14,2019to September 18,2019.This allows for an ongoing review of H1-2019 financials by the Company’s auditors,especially in light of a series of important new IFRS standards that are now applicable,such as IFRS 16“Leases”.The Company, however, hereby reports certain preliminary, non-audited financials for the first half of 2019.
Cash and cash equivalents as atJune30, 2019, amounted to EUR 7.8million.This includes a further EUR 5.0million tranche undera debt financing facility provided by the European Investment Bank (EIB)and the drawdown of the remainder of the first tranche (i.e. EUR 1.5 million(gross))undera convertible notesfacility provided by YA II PN, Ltd, an investment fund managed by Yorkville Advisors Global LP, both as previously announced on
May 21, 2019.Cash burn from operations and investments in H1-2019 has been reduced by 25.7%year-over-year as a consequence of the successful implementation of certain corporate reorganization measures.The worldwide installed base of Unyvero A50 Analyzers as atJune 30, 2019, was 170, compared to162as atJune 30, 2018.This figure includes a significantly sizedpool of Analyzers now managed by Menarini Diagnostics in EMEA (9 new installations have already been identifiedfor H2-2019) as well as 37 Analyzers installed in the USA(including 20 for current and future clinical trials).
Furthermore,as part of a campaign performed towards the end ofQ2-2019,a total of 10 refurbished Unyvero Systems were ordered by various international distribution partners with most of them being sold and shipped in H2-2019.